Medicare Part D: How to Avoid the Late Enrollment Penalty

Many people who use Medicare everyday as part of their main health insurance coverage are unaware that they can actually be penalized for not enrolling in Medicare Part D as soon as they are eligible. This penalty is in play to try to discourage people from not paying when they have no prescription drugs to speak of and then enrolling in Medicare Part D when it becomes obvious that the coverage will be necessary.

If you enroll in Medicare Part D coverage as soon as you are eligible to get the coverage then you are reducing the possibility of being assessed a late enrollment penalty. This will show that you aren’t trying to avoid paying the premium that everyone is required to pay and you are trying to play by the rules.

To avoid the late enrollment penalty for Medicare Part D it is a good idea to avoid going more than 63 consecutive days without coverage that would be considered credible by Medicare. Creditable prescription drug coverage could include drug coverage from a current or former employer or union, TRICARE, or the Department of Veterans Affairs.

When you enroll in another creditable coverage it is a very good idea to let the Medicare Part D provider know that you have other creditable coverage right away. To avoid this late enrollment penalty for Medicare Part D it is a good idea to get the contact information for anybody that you inform about this creditable coverage as soon as is possible.